Regulation Watch is a resource aimed at providing our members with updates on the activity of the sector's regulators, highlighting areas of specific interest.
Speech by Johnathan Davidson, FCA Director of Supervision, Retail and Authorisations, in which he makes key points about the ongoing focus on culture change and the importance of individual accountability. Culture and Conduct
The FCA has released a new guide setting out the foundations for good cyber security. The guide aims to help firms, particularly smaller businesses, become more resilient to cyber attacks and to respond more appropriately to cyber incidents. More info can be found on cyber resilience the FCA's website.
The UK Cards Association has released a new guide to help finance providers identify and support customers in vulnerable situations: Vulnerability: a guide for lending.
Speech by Mark Steward, Director of Enforcement and Market Oversight at the FCA: The expanding scope of individual accountability for corporate misconduct.
Short speech by Mark Carney, Governor of the Bank of England, in which he states that, "the UK has instituted a unique Senior Managers Regime to embed cultures of risk awareness, openness and ethical behaviour. Based on its early successes, international authorities are now considering following the UK’s lead".
Jamie Symington, Director of Investigations at the FCA talks about the evolving approach to investigations at the regulator.
One item already in progress is a Strategic Review of Retail Banking Business models [not to be confused with the work last year by the CMA - read our note]. Launched in May, the specific objectives of the FCA review are to:
- understand retail banking business models in greater depth
- understand how free-if-in-credit banking is paid for
- understand the impact of changes such as increased use of digital channels and reduced branch usage on business models
The review will encompass retail banks, building societies and credit unions and focus is on business models and what conduct/competition concerns these models may create. The FCA has published its Purpose and Scope but no further update is expected until Q2 2018. Full details can be viewed here.
Live and Local to check if the FCA are running any events, in your area on a topic of interest follow this link to their website.